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Barnwell Industries, Inc. reports developments across Canadian oil production, oil and natural gas operations, and Hawaii land investment interests. The company produces crude oil, natural gas liquids, and natural gas from interests in the Twining oil field in Alberta, Canada, and its energy updates often address production performance, commodity-price exposure, operating results, and the status of its asset base.
Barnwell news also covers minority partnership interests tied to the Kukio Resort land development in Hawaii, including episodic cash distributions from those real estate investments. Corporate updates include capital-structure actions, material agreements, shareholder-rights and governance matters, financial results, and leadership or advisory roles connected to corporate development.
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Barnwell Industries (NYSE American: BRN) reported net earnings of $1,089,000 or $0.11 per share for Q1 2023, slightly up from $1,073,000 or $0.11 per share in Q1 2022. The company's oil and gas segment revenues surged by 33% to $7,511,000, driven by increased production and higher prices for oil and natural gas. Notable increases included net oil production rising 23% and net natural gas production increasing 46%. Capital expenditures in this segment were $5,928,000, up from $2,870,000 the previous year. Additionally, Barnwell maintained a strong cash position with $6,736,000 in cash and equivalents.
Barnwell Industries has entered into a cooperation agreement with its two largest shareholders, extending their standstill terms for two years, thus averting a proxy contest. This agreement enables the appointment of Joshua S. Horowitz and Laurant Narbut to the Board of Directors. Both new members are deemed independent under NYSE rules. The agreement also includes a commitment from the major shareholders to limit their combined ownership for one year. CEO Kenneth Grossman expressed satisfaction with reaching an alignment to enhance the company's governance. Barnwell will file a proxy statement with the SEC concerning the 2023 Annual Meeting.
Barnwell Industries, Inc. (NYSE American: BRN) reported net earnings of $5.51 million ($0.57 per share) for the year ended September 30, 2022, down from $6.25 million ($0.73 per share) in 2021. The company experienced a net loss of $143,000 ($0.01 per share) for the fourth quarter, compared to earnings of $1.55 million ($0.16 per share) the previous year. Despite this, oil and natural gas revenues doubled due to increased production and prices. Significant investments in the Permian Basin aim to bolster growth, but overall net earnings declined due to prior year's gains not being repeated.
Barnwell Industries, Inc. (NYSE American: BRN) has declared a cash dividend of $0.015 per share of common stock, set to be paid on January 11, 2023. The record date for the dividend is December 27, 2022. This announcement reflects the company's commitment to returning value to its shareholders, although investors are reminded of the risks and uncertainties associated with forward-looking statements made regarding future performance.
MRMP-Managers LLC plans to run a proxy contest for full board control at Barnwell Industries (NYSE American: BRN) during its 2023 annual meeting. Previously, MRMP successfully contested in 2020, gaining three board seats while holding approximately 20.1% of Barnwell's shares today. MRMP has been frustrated with perceived violations of a cooperation agreement by CEO Alex Kinzler and the board, facing obstacles to shareholder value. They aim to shift the focus towards profitability, citing Kinzler's $42 million in net operating losses as a concern.
Barnwell Industries has adopted a Tax Benefits Preservation Plan to safeguard its net operating loss carryforwards and other tax attributes. This plan aims to minimize the risk of an ownership change as defined under Section 382 of the Internal Revenue Code, which could limit tax benefits utilization. The plan includes issuing Rights for each share of common stock, exercisable if anyone acquires 4.95% or more of the stock. Rights will expire by October 17, 2025, or if the plan becomes unnecessary. Further details will be disclosed in a Form 8-K with the SEC.
Barnwell Industries, Inc. (BRN) announced the sale of a drilling rig by its subsidiary for approximately $550,000. This transaction will contribute to a gain in the fiscal 4th quarter ending September 30, 2022. The company previously sold another rig for $670,000 in 2021. In the North Twining Unit, Barnwell holds a 29% interest with five wells producing a combined 350 barrels of oil daily. However, the production rates are expected to decline. A recently activated well is improving slowly due to installation delays of a compressor, anticipated for October.
Barnwell Industries, Inc. (BRN) reported net earnings of $2,531,000 ($0.25/share) for Q3 2022, down from $4,978,000 ($0.59/share) in Q3 2021. For the nine-month period, earnings reached $5,656,000 ($0.59/share), compared to $4,706,000 ($0.57/share) in 2021. Oil and natural gas revenues more than doubled due to price increases of 71% for oil and 137% for natural gas in Q3. However, the land investment segment faced declines with no lots sold in Phase II. Operating profits in the land segment decreased by $443,000.
Barnwell Industries (NYSE American: BRN) has announced significant changes to its Board of Directors aimed at enhancing decision-making effectiveness. Director Kenneth S. Grossman has been removed from the Audit, Compensation, and Nominating Committees and his role as Vice-Chairman has been eliminated due to his disruptive behavior. Francis J. Kelly has succeeded him as chairman of the Nominating Committee. The Board is evaluating further changes to improve its operation. Forward-looking statements are included, emphasizing uncertainties that could impact future performance.